The US added 165,000 jobs in October, more than doubling the 65,000 forecast. This data pushed unemployment down to 4.1% and caused rate futures to drop as traders increased bets on a December rate hike. For anyone holding $BTC, this macro shift coincided with $1.3 billion flowing out of Bitcoin ETFs last week, the largest exit since June.
My read: The market is repricing risk because higher rates for longer usually pull liquidity out of volatile assets. When the jobs market stays this hot, the Fed has less incentive to ease, which puts immediate pressure on spot demand.
Did you de-risk your portfolio after the jobs data or are you holding through the volatility?
#JobsReportRaisesHikeOdds
My read: The market is repricing risk because higher rates for longer usually pull liquidity out of volatile assets. When the jobs market stays this hot, the Fed has less incentive to ease, which puts immediate pressure on spot demand.
Did you de-risk your portfolio after the jobs data or are you holding through the volatility?
#JobsReportRaisesHikeOdds